D.R. Horton, America’s largest homebuilder, today reported an 18 percent rise in profit in its fiscal second quarter as it pushed prices higher in the wake of a nationwide shortage of new and existing homes for sale.

But even as Horton reported the gains on higher-priced homes, the Fort Worth-based company said it plans to roll out a new brand called Express Homes, a more affordable line focused on first-time buyers who don’t qualify for its higher-priced homes.

Express Homes will range in price from $120,000 to $150,000 and will be turn-key, with buyers having no option to select finishes or upgrades. The brand will offer competitive, well-built homes that take less time and money to build, the company said.

That compares to the average selling price of $278,900 for its homes in the most recent quarter ended March 31, up 10 percent from the previous year, the company said.

Donald Tomnitz, Horton’s chief executive officer, said Express Homes will be introduced in 13 markets in four states where D.R. Horton homes are already sold. He was not more specific.

“The next leg of the recovery will be led by the true entry-level buyer,” Tomnitz said. “This price point creates a whole new pool of buyers.”

Shares of Horton (ticker: DHI) jumped $1.64, to $22.99 a share, in morning trading on the New York Stock Exchange.

Horton said its profit was $131 million, or 38 cents a share, for the quarter, compared to $111 million, or 32 cents a share, in the same quarter a year ago. Homebuilding revenue for the period rose 22 percent to $1.7 billion.

The company also closed more homes in the quarter, 6,194, or 10 percent more than the 5,643 homes closed a year ago. Sales orders also increased 9 percent to 8,569 homes. The value of the sales orders rose 20 percent to $2.4 billion, the company said.

“Our homebuilding and financial services operations delivered a great quarter,” said Chairman Donald Horton in a statement. “The dollar value of our homes sold, closed and in backlog all increased by double-digit percentages.”

A year ago, Horton introduced its Emerald line of luxury homes, or those priced above $500,000. Tomnitz said the line represented 6 percent of its sales in the quarter.

The company did increase incentives is some of its markets toward the end of the second quarter to spur sales, but not significantly, Tomnitz said.